Stock Market Update

[BRIEFING.COM] The S&P 500 (-1.1%), Nasdaq Composite (-1.1%), and DJIA (-1.4%) sit at session lows as Fed Chair Jerome Powell fields questions during the press conference portion of the FOMC meeting. 

Mr. Powell noted that higher inflation is now expected in 2026, but that is not solely due to the recent surge in energy prices. 

Additionally, support for a two-sided policy warning did come up at the meeting, though "the vast majority of participants don't see that as their base case."

Separately, Mr. Powell said, "If my successor is not confirmed by the end of my term as chair, I would serve as chair pro tem until he is confirmed. That is what the law calls for. That is what we have done on essential occasions, including involving me. And what we will do in this situation."